The Greater Geelong Council will release its Draft 2023-24 Budget when it meets at the Geelong West Town Hall on Wednesday 26 April.
Mayor Trent Sullivan:
This budget comes against the backdrop of a difficult economic climate.
The City of Greater Geelong, like many other governments and organisations, is feeling the impacts of inflation, rising costs and the financial uncertainty the world has faced since the COVID pandemic.
The City’s projects and services are under enormous pressure, meaning the Council has had to focus on its immediate and longer-term financial sustainability.
This has been an incredibly challenging budget process.
Acting CEO Kaarina Phyland:
Councillors have faced no choice but to make some tough decisions.
With huge cost increases in the construction sector in particular, but also right across the board, this budget needs to focus on what Council can afford and protect as much as possible of the core service delivery that the community demands of local councils.
While the Council will continue to invest strongly in community assets, rising costs mean our funds won’t stretch as far.
Unfortunately, this means the draft budget will bring disappointment in the community as previously promised projects are paused and new initiatives cannot be funded.
Construction sector costs climbed by 17.3 per cent during 2021-22 and have continued to soar in the current financial year, creating a shortfall of around $130 million in the Council’s previously budgeted four-year capital projects program.
This prompted several projects to be put on hold and reviewed, with the results of those reviews to be communicated through the draft budget’s release.
Mayor Sullivan:
The most recent forecast had the City tracking towards an operating deficit of just over $8 million for the current financial year.
Now is the time for Council to position itself to be able to keep responding to population growth in the future and renewing ageing assets, and to be mindful of the upcoming requirements for Geelong’s participation in the Commonwealth Games, which will be a once-in-a-lifetime event for our region.
The 2023-24 budget will contain average rate rises to within the state government cap of 3.5 per cent.
The 26 April meeting at the Geelong West Town Hall, 153 Pakington Street, will begin at 6pm and is open to the public.
It will be livestreamed to enable as many members of the community as possible to view the release of the draft budget.
